Brent Crude Oil: Expected to stabilise around the psychological 20.00 mark – Commerzbank

Brent oil is expected to stabilise around the psychological 20.00 mark despite the current sell-off to 18.10, per Commerzbank.

Key quotes

“We believe that an interim low has been formed at the 18.10 current April low and that stabilisation is now at hand.”

“Minor support below current levels sits at the 20.00 mark with further support which can be spotted between August 1994 and May 1995 highs at 19.41/38.”

“Support below the 18.10 current April low is seen at the October 2001 low at 16.65, at the July 1995 low at 15.41 as well as at the January 1994 low at 12.90.”